Professional sports gambling
A good way to avoid this is to use betting exchange sites , as you will be betting against other punters, not the bookie themselves. For more information, head over to our article on gubbing and how you can avoid it. Personal Traits Needed for Professional Sports Betting In truth, there are no specific requirements for anyone seeking to become a professional bettor in sports.
Any determined person could succeed. With that said, there are certain traits that one may want to work on if betting like an expert is the end goal. The most obvious is having a real interest and knowledge in sports. You don't necessarily need to be a hardcore fan — and perhaps, you may not even want to be.
After all, it is incredibly important that you do not let your emotions interfere with your predictions. In addition, the promise of money may not always be enough to keep you hooked. Knowledge is also incredibly important. Getting used to working with numbers is also crucial.
Another important trait is having the ability to control yourself and not let things get out of hand. It's important to always remain disciplined and not to bet beyond your means. If you don't reason logically and allow yourself to get carried away, things can easily go south, leaving you with a significant dent on your earnings. Maintaining a realistic outlook is also important. Yes, betting can lead to big wins, but it takes a lot of time and skill to become a real expert.
As with anything else, good things take time to develop; patience, therefore, is a virtue here. Finally, many ask if attending courses is a necessity. It is not, but if you do have the time to enrol in one, it can't hurt either. Betting studies typically teach the average player a few tricks and skills that will almost certainly boost your abilities.
Set Goals In order to track your progress and keep your spending in check, you should set specific goals and work towards them. By doing so, you can track just how much more you would like to win. This can also be done by setting goals for each sport you choose to bet on, by placing your largest goal on the sport you know the most about.
Goals for the month are also doable, although not as recommended, due to the unpredictable nature of sports betting. Keep Track of Your Betting Records Improving your tactics is easier if you keep a record of your most and least successful bets. Keep an eye out for patterns in your wins and losses. For instance, do you specialise when picking favourites or the underdogs? Do you typically go for multiple small wins or a few, scattered large wins?
Are there certain days and times during events that seem to bring in, or not bring in, money? Analyse your strengths and other patterns, and use these to your advantage when placing your next bet. Learn to Manage Your money Efficiently All punters would benefit from sticking to a staking plan. In order to manage your betting funds, you will need to set specific budgets and choose how much you are able to stake on each bet. If you spend more than you can afford to, you risk losing everything — and if you spend less than you need to, you will limit your ability to earn more.
In professional sports betting, you cannot afford to take major risks, as your earnings depend on your every move; hence why bankroll management could make or break your career as a professional bettor, even if your analytical skills are off the charts. Never Let Your Emotions Take Over Placing bets simply because you hope your favourite team will win is a recipe for disaster. Always rely on your analytical skills. Moreover, your emotional weaknesses can surface in other aspects.
Identify your emotional weaknesses, and make a conscious effort to use logic instead. You should pick sports that you feel very knowledgeable about and try to develop a system that you feel gives you an edge. This is what the professionals do, while the amateurs will simply bet based on hunches most of the time. Follow the smart money. Have you ever heard the term "sharp"?
In sports betting, a "sharp" is considered the smart money - in other words, the professional gamblers. Let's say that the Patriots are playing the Broncos in the Super Bowl. Now, there are two times when the "sharp" will be particularly active - shortly after the line is released and just before the game gets underway.
You need to keep an eye on these two times to see what happens to the line. For instance, let's say that the Patriots open as 8 point favorites over the Broncos in the Super Bowl. Keep this in mind, as it likely means that the smart money was betting on the Broncos heavily after the line was released. In the weeks leading up to the game, the amateurs will bet their money on the game, which might push the line back to where it was when it first opened.
The professional gamblers will sit patiently and wait until just before the game starts to place their bets. There are plenty of resources online in which you can read about where the sharp money is betting their money. Ask yourself this question - would you rather be on the side of the smart money or the dumb money? Look for value. If you like the Yankees and enjoy betting on them, you should realize that you are an amateur gambler and will likely be separated from your bankroll in a short period of time.
This requires you to shift your way of thinking, but this shift will likely be profitable over time. For instance, let's say that you really like a particular football team's chances against one of the better teams in the league.
You think that they will win 4 out of every 10 games, given the fact that the favoured team has been struggling as of late and the underdog's running back has been breaking out as of late. Now, if you are this confident in the underdog, you HAVE to make this bet, even if the underdog ends up losing.
You need to think about things over an extended timeline instead of on the basis of individual games. For instance, if your reasoning is correct and the underdog has a tremendous amount of value, over time this will be a profitable wager. Again, you need to look for value. This is what professional gamblers do, and this is what you should do too. Professional sports gamblers are always looking for that single piece of information that might be able to put their wager over the top.
How do the Patriots play on the road in warm weather? How do the Red Sox play following losses in the first two games of a series? How does Chris Sale pitch following a loss? Professional sports gamblers will have access to some of the best information and statistics available, and they will fold all of this information into their systems before they place a wager.
The professional sports bettor is constantly crunching data in order to try to find an edge. If you want to be a serious sports gambler, you need to spend a great deal of your time reading and poring through numbers and data. Access to Multiple Sportsbooks. The problem with being a successful professional sports bettor? Some sports books won't want your business.
Sports books are in the business of making money, and if you end up winning on a consistent basis, there is a very good chance that your sports book will either close your account after paying you out or reduce the size of your bets the likelier option.
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Be mindful that focusing on anything but those long-term goals has sub-optimal in helping you grow. Do not concern yourself with short-term variance. If you try to have a winning day, every day, you will only frustrate yourself. A winning month is nice, but it is not a metric you need to base your success or failure on. The IRS bases your success on a year-long scale and you should probably use this as your standard of measure as well. It is the tool you use to make more money. Money won or lost is how we keep score.
It is our reward at the end of the journey. Money is also something a Professional Gambler has to view much differently than most people. As such, they protect and value their tools above all else. Likewise, a Professional Gambler needs to protect and value their bankroll as it is the tool they will leverage for income. It is the tool you are using to hopefully gain a return. If you win, you can then subsequently wager those earnings in the future.
You will be wielding a bigger tool for the next job. Conversely, If you lose, you have fewer tools for the next job. This is also why proper bet sizing is important. You cannot be too reliant on the result of any single wager for the future viability of your business. Becoming Desensitized to Fluctuation You not only need to view your wager as just a fraction of your bankroll, but you also need to view the fluctuations in your bankroll as inevitable and natural events.
Precondition yourself to the realization that the current amount in your bankroll is just a single point in time. It will always be moving as long as you are making bets with it. This is why tracking your EV is much more rewarding than hawking your bankroll. Over time, the two numbers will converge, but being completely in step with your EV is rare.
Your bankroll is always going to be fluctuating around your EV. This is where the reality of being a Professional Gambler really diverges from the fantasy of it. To most people, making a living from betting sports might afford them the cars, home, and lifestyle that they desire. However, in truth, much like taking money out of an investment, there is a great opportunity cost if you operate that way.
The best thing you could buy with your winnings is a bigger bankroll. If you remove money from your bankroll to fund discretionary spending, you are removing tools from your toolbelt and removing future leverage you have in betting. Eventually, you may reach a point where bankroll size relative to what you can actually wager makes further bankroll growth inefficient. How A Professional Gambler Handles Losses As mentioned, a key component of the Professional Gambler mentality comes from your ability to the ups and downs of the job.
However, your ability to handle losses is far more important than your ability to handle wins. Put more work into your mental fortitude for dealing with losses than any other mental aspect of your game. It is Never a Material Loss A big trap bettors fall into is thinking about money lost in terms of opportunity cost to something they could have purchased with that money.
If you view your bankroll money in terms of purchases you needed to make using that money, then it was never really part of your bankroll. Any gain or loss in your bankroll is not representative of any material object. Focus on that increase in EV rather than the decrease in AV. It will do wonders in terms of accepting a loss, even a gut-wrenching bad beat.
However, what if you have to deal with a punishing string of losses. Every bettor goes through this. How you deal with an extended downturn is another major component of being able to handle losses. Here are 3 ways to deal with a losing streak. Pause : Take a break for a day, a week, several weeks. However long it takes for you to no longer feel like you are cursed.
Adjust Your Stakes : Lowering your bet size is sub-optimal for bankroll growth, but it is better than raising your stakes to compensate for recent losses. Shift Your Focus : If recent losses are in your head, get them out of your head by focusing on something else. Focus on a hobby, or focus on betting a different sport. When your confidence returns, resume your betting. Notice the advice did not include re-evaluating your angle, work to see if the market was now more efficient, or try to find new outs for the bet.
Those steps should be taken frequently whether you are winning or losing. This brings us to the next necessary mental component of being a Professional Gambler. How a Professional Gambler Handles Wins While less important than how you handle losses, the way you handle wins is still imperative. That is just the way the human brain works. The dopamine high from significant wins tends to decrease over time. Assess Your Results The natural intuition is that when you are winning, you do not want to change a thing.
However, if you work just as hard on the way up as you do on the way down, you will be in much better shape in the long run. Never let winning be your deodorant. Be vigilant about whether there are ways you can improve your edge despite good results.
Betting earlier. Finding new outs. These overreactions have allowed Bloom to generate colossal wins thanks to mistakenly decreased odds. Being born in , Ben fell in love with sports betting pretty fast, and once he turned 18, the bookmakers saw his first bet. It was a boxing match between legendary undefeated Floyd Mayweather and another iconic boxer, Manny Pacquiao.
One may assume that his nickname has something to do with his betting approach, and they would be right. This method allows you to generate colossal total odds even when you are making relatively small bets. However, he also experienced some difficulties. After this unfortunate situation, Ben changed his approach to betting and started choosing gambling sites much more carefully. The year-old betting phenomenon follows basketball and soccer events and does not care if it is professional or college leagues.
After a thorough investigation, the FBI discovered that Ben was sending out hundreds of threats to professional athletes to affect their performance on the court or the field. This terrible act cost the player a lot, and he has to stay away from any gambling-related activities these days. Haralabos Voulgaris The global sports betting scene would not be the same without this man.
Voulgaris specializes in the events of the most prestigious basketball league in the world — the NBA. He has developed several unique predictive techniques that have helped him make a fortune in gambling. Haralabos has an amazingly analytical mind that made him a millionaire by the age of But what exactly makes his bets so reasonable? Haralabos approaches betting pretty progressively and never sticks to outdated strategies if he sees them lose their effectiveness.
He changed his methodology several times to continue making multi-million-dollar bets and even developed a revolutionary betting tool. Besides basketball games and other sporting events, Bob is also a huge poker enthusiast. Moreover, this card hobby also brought him a pretty solid financial compensation.
He impressed teachers with his crazy math skills, followed a one-to-one math program and regularly won prestigious educational tournaments. Once James realized that his incredible counting skills could benefit him, he began to use them to participate in various intellectual TV shows and sports betting. He shocked this quiz with numerous records relying on gambling analytics to make decisions. He was convinced that even this sizable extra money could not make up for his much lower winning chances.
While his gambling career began pretty modestly, he quickly moved from hearts and spades to more serious games and sports betting. Poker was his first card game, and the World Series of Baseball was the first betting success for him in
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